We believe in having managers put a substantial portion of their net worth right beside clients’ money – not enough of them do so.

According to a Morningstar study, less than half of mutual fund managers are invested in their own funds. In total, few own more than a token stake. Yet they are still collecting fees. Even when they lose clients’ money!

It's time for a change.

We take a different approach. It's about aligning our interests with yours.

Our money sits right beside your money. Virtually all of our money. That's not something many other managers can say.

For investors in our long term class, there is nominal 0.75% management fee to cover operating expenses. Why do we deserve to get paid if we don't perform?

As a matter of fact, if we don’t produce 6% per annum for our investors, we don’t earn any money above the management fee.

In years where the return is greater than 6% there is a 25% incentive fee on the portion over 6%. The same structure as Warren Buffet's pre Berkshire Hathaway partnership.